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Nathalie van Woerkom and Carlos Pita Cao of AKD Prinsen Van Wijmen outline Dutch efforts to be more fund-friendly

Kathleen Ng of Asia Private Equity Research discusses developments in the world's most dynamic markets

As previously mentioned in this past February's edition of the IFLR, Japan's Trust Law was completely replaced by a new Trust Law (Law 108 of 2006), which will come into effect sometime before June 2008. One of the most important changes in the new Trust Law other than the introduction of the business trust, is allowing the use of a security trust which is a very familiar concept in syndicated loan arrangements in common law jurisdictions. This will mean that in the case of a secured loan, the security interest can be entrusted to a security trust and the administration of such security can be delegated to the trustee who is not an obligee of the secured obligations.

Law 247/2004 on the capital market and Regulation 32/2006 issued by the Romanian National Securities Commission (NSC), regarding the financial investment services, which replaced the Regulation 15/2005, stipulate the principle of freedom to provide investment services and activities within the territory of Romania by the investment firms authorised in a member state of European Union.

The anti-monopoly review procedures for M&A involving foreign investors were first established in 2003 by The Interim Regulations on Merger with and Acquisition of Domestic Enterprises by Foreign Investors (Interim M&A Regulations). In 2006 The Regulations on Merger with and Acquisition of Domestic Enterprises by Foreign Investors (M&A Regulations) replaced the Interim M&A Regulations and set forth a special chapter on anti-monopoly review, without making any changes to relevant provisions in the Interim M&A Regulations.

Alvarez & Marsal

The next phase of restructurings will witness a change in the list of characters controlling proceedings. Specialists can expect to be hired by a cast of secondary investors with a different take on restructuring than many traditional clients.

Alix Partners

The Monetary Authority of Singapore (Amendment) Bill 2007 was read a second time in Parliament on February 12 2007. The Bill seeks to enable the Monetary Authority of Singapore (MAS) to carry out its functions more effectively in meeting the challenges of a dynamic global financial and regulatory landscape.

Polish law continues to change following accession to the EU. Spring 2007 brings in new changes, some of them listed below.